Travel and Tourism Boosted Italian Economy by €215 Billion

Italy’s Travel & Tourism sector has shattered records in 2023, with the World Travel & Tourism Council (WTTC) reporting that the sector contributed €215BN to the economy, representing 10.5% of Italy’s total economic output. This highlights the sector’s crucial role as a backbone of the Italian economy.

Not only did the sector contribute significantly to the economy, but it also set a new record in employment generation. Nearly 185,000 new jobs were created in 2023, bringing the total number of jobs in the sector to 2.97MN nationwide, accounting for one in every eight jobs across the country.

The resurgence of international visitors to Italy has been remarkable, with overseas spending increasing by 19% year-on-year to reach €51.4BN. This growth underscores Italy’s appeal as a premier global destination.

Looking ahead to 2024, WTTC predicts that the Travel & Tourism sector will continue to thrive, contributing €223.1BN to the economy and supporting 100,000 more jobs to reach almost 3.1MN. International visitor spending is expected to reach €56.7BN, while domestic visitor spend is projected to reach €119BN.

The recent introduction of the nomad visa by the Italian Government is expected to attract longer stays and further boost international spending, solidifying the country’s position as a top destination for travelers.

WTTC President & CEO, Julia Simpson, commended the Italian government for its commitment to the Travel & Tourism sector, recognizing its significant role in job creation and GDP growth. The future looks bright for Italy’s Travel & Tourism sector, with forecasts predicting continued growth and prosperity in the coming years.